Flow is about to open a Dutch auction, and the “Cryptocat” team will force the public chain (www.blockcast.cc)

The public chain project Flow just ended its community sales on CoinList. The number of participants in this public sale exceeded 12,000, creating the largest number of token sales participants in the history of CoinList. After the warm-up, Flow also plans to open a Dutch auction on October 6, and the team behind the project is Dapper Labs, the developer of the famous blockchain game “Crypt Cat”. According to the official roadmap, the Flow code has been completely open source. It is expected that the distribution of the genesis block will start on October 16, and the staking reward will start on November 2. Custody service providers Finoa and Kraken will provide digital asset custody services for Flow users.

At present, in the case of Ethereum being the only one, most of the new entrants have chosen the sharding/sidechain field to improve the scalability of the existing public chain, and Dapper Labs decided to cut into the public chain at such a point in time The track is really unexpected.

Flow will allow individual miners to participate in running nodes

At present, Ethereum developers mainly adopt the sharding/sidechain expansion solution, which makes the interaction between smart contracts extremely complicated, and delayed transactions will greatly limit the experience of DApp. In order to solve the public chain performance problem at the protocol layer, Flow developers decided to change the operation mode of miner nodes to vertical division of labor (responsible for different verification stages of the same transaction) instead of horizontal division of labor (responsible for different transactions, such as sharding), and The nodes are divided into four categories, which respectively undertake the functions of “consensus, verification, execution and collection”. Among them, the consensus node and the verification node can run in the home Internet equipment, which improves the efficiency while ensuring the security and decentralization of the network Sex.

Flow’s token incentive mechanism

The Flow blockchain adopts a fixed reward mechanism for nodes, that is, 3.75% of the total supply of tokens is rewarded each year. In the early stage, there are fewer online transactions, which may result in transaction fees that cannot meet the fixed reward standard. Therefore, the system will issue new coins to make up for the gap, which will lead to a higher inflation rate in the initial stage of the project. However, since Flow requires validator nodes to pledge a certain amount of FLOW tokens as a deposit, this may alleviate some of the system’s inflationary pressure. As the number of users of the Flow network increases, the gap between transaction fees and fixed rewards will gradually narrow, and eventually the inflation rate will drop to zero.

Or the main NFT public chain strategy breaks through

According to data from Nonfungible.com, the top 10 NFT token transactions on Ethereum in the past 7 days have a total transaction volume of $2.25 million. Although this number is still negligible compared with the transaction amount of ERC-20 tokens, it also means that the growth space of NFT tokens cannot be underestimated.

In the Flow blockchain, developers also introduced non-homogeneous tokens “NFTs”, corresponding to Ethereum’s ERC-721 tokens. Based on the past experience of the project team, we can guess that the NFT public chain may become the main positioning of Flow to distinguish it from other public chains in the market. As a partner of the NBA, Dapper Labs has launched the first native application NBA Topshot (Beta version) of the Flow platform. This application has generated about US$2 million in revenue in the previous closed beta, with good results. NBA TopShot will allow users to collect wonderful video moments of NBA stars in basketball history. These collections have digital rights and can be traded in the form of NFT tokens. This attempt has enabled NFT assets to be connected to the real world, and it also means that NFT tokens will have a relatively broad market in the field of digital entertainment.

In addition, the NFT game market also has huge potential, but this is also the area that most tests the performance of the public chain. In 2017, “CryptoKitten” exploded in the early days of its launch, and the Ethereum network was almost paralyzed on its own. When Ethereum can only host one or two popular DApps, it remains to be seen whether the Flow public chain, which focuses on decentralized games and encrypted collectibles, can withstand the performance challenges.

It should be noted that during the operation of the project, the development of the public chain community ecology is also extremely important. If there are only one or two popular applications in the entire chain, or all applications on the chain are developed by the same company, it is easy to make the public chain a vassal of a specific company entity and lose the meaning of using blockchain technology. This is also a common problem in the new generation of public chains in recent years.

It is speculated that mainstream exchanges will be launched soon

Two weeks ago, Binance announced that it would promote the application of BUSD on Flow to promote new DeFi paradigms such as derivatives, mortgages and insurance products to flourish on Flow. The aura bonus of the star team, the popularity of public offerings, and the support of the largest institution in the universe are likely to enable the FLOW token to be quickly launched on major mainstream exchanges.